MovieCoin has launched a blockchain and cryptographic platform that it says will revolutionize the film industry. Launched by producer and financier, Christopher Woodrow, the platform will provide ease towards fundraising for film production via cryptocurrencies.
Through MovieCoin, investors will be able to finance film and TV transparently. Woodrow expects the platform to improve accounting and payment practices in the film business significantly.
The platform’s transparency should make the tokenized asset clear and understandable to institutional investors. It should also do the same for those in the finance sector. The token will represent the first commercial case use of a token. It underscores the way best-in-class technology and innovation could shape various industries going forward.
MovieCoin plans to carry out a token sale to raise capital used to finance various entertainment assets. Investors who buy the token will retain ownership interests in the projects that the company ends up financing. The tokens should also afford investors infinite divisibility as well as enhanced liquidity compared to other existing industry investing vehicles.
Unlike other Initial Coin Offerings, only accredited investors under Regulation D will be able to take part in the offering. MovieCoin will also allow non-U.S citizen under Regulation S to participate in the offering.
Cryptocurrencies In Hollywood
MovieCoin plans to tokenize all the films and television programs that will find creation from its finances by using BANKEX’s Proof-of-Asset Protocol, smart contracts, and smart asset assembly. A transparent ledger detailing all expenditure receipts and ownership of each project will be given to all financiers.
The company is also issuing ‘Moviecoin’, a token that will allow consumers to purchase tickets, and buy or rent films and television programs. The coin will also find use in making subscription payments to programs VOD and pay television providers offer.
Moviecoin will distribute payments to project lenders, investors and distributors. This will provide a reliable way of bypassing of intermediaries that have crippled Hollywood’s accounting system.
“The ability to invest in the $2 trillion-a-year global entertainment industry has traditionally been off-limits to all but a handful of banks and privileged insiders. Our platform and token are game-changers in that they will radically transform the ways in which motion pictures, television programmers, and other media projects are funded,” said Mr. Woodrow.